Tectonic Therapeutic (TECX) TD Cowen 45th Annual Healthcare Conference summary

Company overview and leadership

• Focuses on biologics for GPCRs, a challenging drug target class, with a leadership team experienced in over 20 novel drug approvals.

• Founded in 2019 and went public via reverse merger in June 2024.

• Well-capitalized following a $185 million private placement.

Lead program: TX45 (long-acting Relaxin)

• Lead program TX45 targets group two pulmonary hypertension with preserved ejection fraction heart failure (PH-HFpEF), focusing on the CpcPH subpopulation.

• Phase 1B data showed strong safety and efficacy, supporting ongoing phase 2 trials.

• TX45 acts as a vasodilator, improves left ventricular relaxation, and may have antifibrotic effects.

• Monthly or biweekly dosing is being tested, with a long half-life supporting less frequent administration.

Clinical data and competitive landscape

• Phase 1B interim results in PH-HFpEF patients showed an 18% decrease in pulmonary capillary wedge pressure and a 32-35% decrease in pulmonary vascular resistance in CpcPH patients.

• Cardiac output increased by 18%, driven by stroke volume, and total pulmonary resistance dropped by 26%.

• TX45 was well tolerated with no serious adverse events; most common AE was transient fatigue.

• AstraZeneca is developing similar programs, but TX45 may offer differentiation through its mechanism and patient selection.